Freshest Price Reductions at Maui Banyan
Brought to the market in the summer of this year, Maui Banyan P206 is a partially upgraded unit in the middle of the complex. It basically sits half way between the upper and lower pools and just across from the community tennis court and parking garage. From the 2nd floor, unit does have an outdoor lanai but no views; although, the palm trees add a touch privacy which is certainly a nice feature. The upgrades to the unit are concentrated in the kitchen and master bathroom, however, the unit has been well taken care of the years so it is in great shape. In total, the unit is 650 sqft, 1 bedroom, and 2 full bathrooms. The list priced has been reduced by $15k and is now listed for $449,000.
Maui Banyan H506 represents a fantastic listing because of its 5th floor location which allows the lanai to take advantage of its elevation and offer stunning ocean views. Listed in mid April of this year, the unit has undergone several price reductions in a serious effort to attract interest. The unit has been well maintained over the years as the attention to care is evident throughout. Although some of the unit has been remodeled, new appliances could help and would go a long way in helping the aesthetic of the unit. The ocean views from the outdoor lanai is even more magical as the sun is setting. Over its time on the market, the unit has received $50k in reductions for a fresh list price of $440,000.
Newest Listings at Maui Banyan
As the newest listing and first listing of December, Maui Banyan G106 is an original 1st floor unit with 1 bedroom, 2 bathrooms, 650 sqft of interior living area, and a neat little outdoor lanai shaded by 6 foot trees for an ultimate retreat. Located towards the back of the unit, this part of the complex is more private because low amount of density and foot traffic. As the closest building to the upper pool, it just a 1 minute walk or a 5 minute walk down to Kamaole Beach Park 2. With an attractive list price, there could be some room for TLC, although the unit has been well take care of, so it is perfectly move in ready. Priced at $434,000, which makes it one of the better priced units.
Maui Banyan T207 is a special unit because of its large layout and unique features. The unit is a 2 bedroom, 2 bathroom, 900 sqft unit with two separate lanais. As a 2 bedroom unit, it has the ability to function as a lock off unit which means it can be used as a 2 bed/2 bath unit, or separated into a 1 bed/1 bath with kitchen and a 1 bed/1 bath studio. Located in the T building, this unit is in the front of the complex and 2nd closest to the road, but a major perk of this unit is its 1 minute walk to the beach! This unit represents a very lucrative opportunity if rented out the right way. Even when in use by owner, 1 side of the unit can still generate rental income. Listed at just under $600k.
Maui Banyan Market Update 2017
The Maui Banyan market has been experiencing a great year as it has been able to average little over 1 unit sold per month for a running sales volume of $8,263,500. Although the complex average is at least unit sold per month, the bulk of the sales came in the first quarter of the year as it represented 66% of the sales in 2017. The Maui Banyan units have been moving at a great pace this year, more than 70% of the units sold this year were able to find a buyer within 6 months of coming to market. The units here move fast because of their ability to be rented on a short term basis, proximity to Kamaole Beach Park II, attractive monthly maintenance fees, and on site amenities.
The Maui Banyan community is a great complex to buy into because of the strict price range it operates in; units primarily sell in the $400k to $600k range, so it is mid tier Kihei condo complex. The most popular price point this year has been the $500k range as it represents a little over 50% of the units sold. Interestingly, $600k was the next most popular price point because all of the units sold in this range were the 2 bedroom units. The 2 bedroom units command a premium because they have the unique lock off feature that allows owners to maximize rental value. Over the years, some units have been remodeled with upscale features that factor into high sale prices and steep rental rates.
- Number of Maui Banyan condos sold: 15
- Average sold price: $550,900
- Highest priced listing: $650,000
- Lowest priced condo for sale: $399,000
- Number of units in escrow: 2
With 9 Maui Banyan Condos For Sale, buyers have a fair amount of inventory to choose from. However, there are only 3 two bedrooms units for sale, so buyers will have to be ready to write offers if that is what they are looking for. The majority of units have come to market within the last 3 months in anticipation of the influx of winter visitors. The majority of owners at Maui Banyan are not full timers, so there is constant turn over in the community.
If you are looking for a deal, only 1 unit is priced in the $300,000’s and I don’t anticipate it lasting long because of its great list price where it represents $606/sqft. The $400k price point is the most popular with a total of 4 listings priced with $25k of one another, so they are more or less similar alternatives to one another. On the upper end of the market, there are two listings each in the $500k and $600k price point.
- Number of Maui Banyan condos for sale: 9
- Average asking price: $507,100
- Highest priced listing: $659,900
- Lowest priced condo for sale: $394,000
Contact a South Maui Real Estate and Lifestyle Specialist
Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born in South Maui and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Aloha,Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com